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“Net-zero” financing commitments from banks and asset managers should align with goals to limit the global average temperature increase to 1.5°C and be backed by “credible” metrics and targets, the US Treasury said on Tuesday.
The Treasury released a document setting out new principles as world leaders, celebrities and business moguls converged on Manhattan to focus attention on the climate crisis during the UN General Assembly week.
It aims to promote consistency, credibility and transparency across net-zero pledges by financial institutions.
Among the nine principles, the Treasury prescribed that financial institutions should practice “transition finance” that can support decarbonisation in high-emitting sectors that are difficult to abate. This includes providing financing, investment, or advisory services to support “a managed and accelerated transition from high-emitting to zero- or near-zero- emissions assets.”
Examples of this would be to phase out coal-fired power plants before the end of their useful lives to be replaced with wind or solar power, the Treasury said.
Institutions also should bring their clients' and portfolio company investments into line with temperature limits. US Treasury officials told reporters that this goal can fit in with institutions' fiduciary responsibilities to clients.
Data research funding
The Treasury also announced that several philanthropic groups have pledged $340 million to help develop research, data and technical resources intended to help financial institutions develop and execute “robust, voluntary net-zero commitments.”
The funding will also support work to facilitate the transition planning efforts of non-financial sectors of the economy, the Treasury said.
Groups included in these commitments include the Bezos Earth Fund, Bloomberg Philanthropies, Climate Arc, ClimateWorks, Hewlett Foundation, and Sequoia Climate Foundation.
US Treasury Secretary Janet Yellen said her goal for the new principles is to “affirm the importance of credible net-zero commitments and to encourage financial institutions that make them to take consistent approaches to implementation.”
She said in excerpts of remarks to be delivered later on Tuesday that there would be $3 trillion in global investment opportunities associated with the transition to net zero each year between now and 2050.
Mark Carney, the UN's Special Envoy for Climate Action, endorsed the principles as aligning with the Glasgow Financial Alliance for Net Zero's own planning framework.
He said in a statement that encouraging financial institutions to consider climate solutions to decarbonise existing businesses, “will help investment flow where it needs to get the entire economy to net zero,”
“This will strengthen growth, create jobs, and reduce energy prices – all while lowering emissions,” Mr Carney added.
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
The five pillars of Islam
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
The Byblos iftar in numbers
29 or 30 days – the number of iftar services held during the holy month
50 staff members required to prepare an iftar
200 to 350 the number of people served iftar nightly
160 litres of the traditional Ramadan drink, jalab, is served in total
500 litres of soup is served during the holy month
200 kilograms of meat is used for various dishes
350 kilograms of onion is used in dishes
5 minutes – the average time that staff have to eat
FROM%20THE%20ASHES
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Fixtures and results:
Wed, Aug 29:
- Malaysia bt Hong Kong by 3 wickets
- Oman bt Nepal by 7 wickets
- UAE bt Singapore by 215 runs
Thu, Aug 30:
- UAE bt Nepal by 78 runs
- Hong Kong bt Singapore by 5 wickets
- Oman bt Malaysia by 2 wickets
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
Thu, Sep 6: Final
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
T20 World Cup Qualifier fixtures
Tuesday, October 29
Qualifier one, 2.10pm – Netherlands v UAE
Qualifier two, 7.30pm – Namibia v Oman
Wednesday, October 30
Qualifier three, 2.10pm – Scotland v loser of qualifier one
Qualifier four, 7.30pm – Hong Kong v loser of qualifier two
Thursday, October 31
Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four
Friday, November 1
Semi-final one, 2.10pm – Ireland v winner of qualifier one
Semi-final two, 7.30pm – PNG v winner of qualifier two
Saturday, November 2
Third-place playoff, 2.10pm
Final, 7.30pm
Women%E2%80%99s%20Asia%20Cup
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What is cyberbullying?
Cyberbullying or online bullying could take many forms such as sending unkind or rude messages to someone, socially isolating people from groups, sharing embarrassing pictures of them, or spreading rumors about them.
Cyberbullying can take place on various platforms such as messages, on social media, on group chats, or games.
Parents should watch out for behavioural changes in their children.
When children are being bullied they they may be feel embarrassed and isolated, so parents should watch out for signs of signs of depression and anxiety
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
The five pillars of Islam
Specs
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
